Goldi Solar Secures ₹1,422cr Growth Capital Led By Havells & Other Investors

Indian solar module manufacturer Goldi Solar, with an annual capacity of 14.7 GW, has raised ₹1,422 crore in growth capital led by Havells India Limited, alongside a consortium of high-net-worth individuals, institutional, strategic, and other prominent investors. 

Havells, a leading electrical equipment company, said the investment supports the adoption of high-efficiency solar technologies and aligns with its vision for sustainable growth.

Other participants in the funding round include Ambit Global Private Client, Nikhil Kamath, Shahi Exports Private Limited, SRF Transnational Holdings Limited, Karmav Real Estate Holdings LLP, NSFO Ventures LLP, Godwitt Construction Private Limited, and family and friends of the founders. SBI Capital Markets Limited advised on the transaction, with Saraf and Partners serving as company counsel.

Investment To Aid Backward Integration 

The investment will support Goldi Solar’s manufacturing capacity expansion, strengthen backward integration into solar cell production, accelerate high-efficiency solar technology development, and expand the company’s go-to-market efforts.

Capt. Ishver Dholakiya, Founder and Managing Director of Goldi Solar, said: "This investment marks a transformative chapter for Goldi Solar. With the backing of the partners, we are empowered to scale new heights in solar manufacturing and innovation. Together, we will drive the next wave of growth, setting new benchmarks in governance, sustainability, and performance."

Goldi Solar has increased its solar PV module manufacturing capacity from 3 GW to 14.7 GW over the past 12 months and is developing solar cell manufacturing expansions in Surat, Gujarat. The company plans to continue introducing high-efficiency solar PV modules and cells incorporating emerging technologies to meet growing clean energy demand in India.

About Goldi Solar

Founded in 2011 and headquartered in Surat, Gujarat, Goldi Solar is one of India’s largest solar PV module manufacturers. Over the last 14 years, the company has built a strong track record in innovation, quality, and growth. With a robust order book for FY26, Goldi Solar delivers sustainable energy solutions in India and global markets.